Mississippi Governor Tate Reeves just signed the Mississippi Medical Cannabis Act into law, making it the 37th state to do so. The law is 445 pages long and can be found here.
Now that what appeared like a dream in Mississippi has become a reality, you might wonder what individuals and companies interested in entering this booming industry should do to best position themselves for success when applications open. Below, we go over some of the provisions of the new law that you should be aware of at this early point if you want to open a dispensary.
What is a Mississippi cannabis dispensary license?
Unlike the other types of licenses which must be issued by the state’s Department of Health, Mississippi cannabis dispensary licenses must be issued by the Mississippi Department of Revenue (MDOR).
A medical cannabis dispensary is defined by the act as an entity licensed and registered with the MDOR that acquires and sells, transfer, supplies of dispenses medical cannabis or related supplies to the state’s cardholders.
In this sense, a Mississippi cannabis dispensary license is a legal document that allows its holder to participate in the state’s industry as a retail store.
What is the application fee for a Mississippi dispensary license?
According to the Act:
A medical cannabis dispensary shall be subject to a one-time nonrefundable license application fee of Fifteen Thousand Dollars ($15,000.00). The annual license fee shall be a nonrefundable fee of Twenty-five Thousand Dollars ($25,000.00).
